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as <br /> s s <br /> PROCESS �OR1OA <br /> Part 1 <br /> State the overall approach of the valuation, including objectives, scope of the work to be <br /> performed and methodologies to be used. <br /> APPROACH <br /> Obiective <br /> The first objective is to meet the reporting requirements under GASB Statement No. 45 , <br /> "Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than <br /> Pensions. " If applicable, provide services to meet the reporting requirements under GASB <br /> Statement No . 43 , "Financial Reporting for Postemployment Benefit Plans Other Than Pension <br /> Plans. " Surrounding that objective is the larger goal of managing the OPEB liabilities. <br /> Work Plan <br /> Having performed over 180 OPEB actuarial valuations under GASB 43/45 , we have a well- <br /> established track for the process . <br /> Prior to completing Step 1 , the process starts with a detailed meeting with the Benefits <br /> Manager, Benefits Consultant, and a member from the Financial Reporting department, which <br /> results in a detailed data request letter to the client. <br /> Step 1 — Draft and Approve Substantive Plan Provisions <br /> GASB Statement No. 45 requires the actuarial valuation of the employer-provided other post <br /> employment benefits as constituted in the "substantive plan" — the plan terms as understood <br /> by the parties (the employer and the members) . This may be the most important step of the <br /> whole process . It requires us to obtain memoranda, documents, etc. which describes all the <br /> benefits provided. We must identify those benefits that qualify as employer-provided other <br /> post employment benefits and the eligibilities and conditions under which they are made <br /> available. We will draft a written version of the substantive plan and ask the employer to sign <br /> off on it before proceeding. <br /> Step 2 — Collect Employee and Retiree Census Data <br /> Census data will be requested from the Employer, who will in turn need to request certain <br /> data from FRS and the respective insurance companies . The Employer will need to massage <br /> or supplement the data obtained from these sources (if necessary) to provide us with clean <br /> data files (consolidated), and certify the data as to completeness and accuracy. <br /> Gig Gabriel Roeder Smith & Company 30 <br />